ILLINOIS (KFVS) - The EDGE Tax Credit Program is getting an overhaul. On Monday, Sept. 18 Illinois Governor Bruce Rauner signed legislation (HB162) that provides transparency and taxpayer protections.
"The EDGE Tax Credit Program overhaul is a bipartisan job creation program that is innovative and competitive for businesses," Gov. Rauner said. "This legislation is another tool to use in our quest to bring high-quality and good-paying jobs to Illinois. It is crucial for the future success of our state that we make Illinois a more business friendly environment through pro-growth measures."
The EDGE tax credit program incentivizes job creation, growth and competitiveness in Illinois. The new law extends the program until June 30, 2022.
With the changes, incentives will encourage companies to expand or move to underserved areas in the state, and eligibility thresholds will be lowered to allow more small businesses to grow in Illinois. The overhaul also requires all EDGE agreements be posted within 10 days of the project being secured in Illinois.
Several officials expressed their approval of the Governors actions.